FCMB Group Plc recently announced a 108% year-on-year (YoY) growth in profit before tax (PBT), which accounted for N55.1 billion for the first nine months, which ended September 30, 2023, when compared to the corresponding year, which settled at N26.5 billion.
The growth witnessed by the Group can be attributed to the collective positive results of diverse business segments. FCMB recorded a growth in earnings of 130.1%, while Consumer Finance recorded a positive growth of 32.6%.
FCMB Investment Management and Investment Banking also recorded 38.7% and 27.6% growth, respectively.
Pondering on the results experienced in FCMB, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said this,
- We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve.
- This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation.
Other Achievements According to the Recent Report From Sources
FCMB’s gross revenue rose by 75.7% to N351.5 billion as of September 2023, compared to N200.1 billion for the prior year. This was driven by a 55.1% growth in interest income and a 144.6% growth in non-interest revenue.FCMB's net interest income rose by 29.5% to N120.5 billion from N93.1 billion in 2022. This was driven by an increase in the yield on revenue for the period ending September 2023.
FCMB's lending activities increased, providing loans and advances totaling N1.59 trillion, a 34.3% increase from the previous year. Additionally, the bank experienced a 39.1% YoY growth in customer deposits to N2.53 trillion, showcasing the unwavering trust of its customers.
FCMB's total assets grew by an impressive 32.2% YoY to N3.88 trillion from N2.93 trillion, strengthening its position as a leading financial institution in Nigeria.
FCMB’s Assets Under Management (AUM) recorded a 26.1% YoY growth from N756.1 billion to N953.7 billion as of September 2023.
FCMB's customer base increased by 15.4% YoY, reaching 12 million as of September 2023, reflecting a current-year growth of over 1.1 million customers.
Read more: https://www.investingport.com/fcmb-group-plc-recorded-108-year-on-year-in-profit-before-tax/